RESHAPING VODAFONE ⫶ A NEED FOR CHANGE IN OUR HOME MARKET Returns below the cost of capital in key markets The challenges we faced in the UK 2023
+ + - -
Good market Good business Sustainable market structure Limited scale
Market
ROCE Good
Czech Republic
Sub-scale
Germany
Around WACC
Greece Ireland
Good Good
Impacting our ability to invest & compete
Low ROCE %
Impacting customer experience
Italy
Below WACC
Portugal Romania
Good
Below WACC Below WACC
Spain
Turkey
Good
Limited investment
UK
Below WACC
No clear path to drive returns above local cost of capital organically
4
Powered by FlippingBook